Knowledge base

On horizon of new technologies in Singapore and their progressively prevalent role in the daily lives of residents have started shaping developments over the past year and has in turn shaped a new set of new opportunities in the city-state, amid somewhat economic uncertainty in Asia.

Last month, the Court of Justice of the European Union (CJEU) issued a series of important judgments dealing with tax avoidance and beneficial ownership in the context of the EU Parent-Subsidiary Directive (PSD) and the Interest and Royalties Directive (IRD).

Rapid advances in technology and the higher demands and increasingly complex international clients are forcing Singapore-based Lawyers to transform the way they work. An example of this is the huge of growth of Wi-Fi on airplanes, with many cities now providing coverage free of charge including on metros and trains.

The sharing economy has become an important aspect of our daily lives, from Air BnB to Uber, some of the companies with the highest growth all involve an element of sharing resources; with many other products and amenities being shared and leased.

According to the Singapore regulations the digital tokens can be classified as “securities” or as “utilities”. The real nature of the digital token identifies the rights attached to it and the terms of its regulation.

Singapore is a key cryptocurrency industry player, positioning itself as a global hub for cryptocurrency and blockchain-based companies and start-ups. Singapore provides a well-regulated legal framework as well as all the benefits of a stable financial centre with a reliable reputation, excellent banking system and low tax rate.

There are many different cryptocurrencies in the market of online trading, (Litecoin, Namecoin, Peercoin are just some examples of names) however the largest and most famous in the investment world is Bitcoin.

The Cyprus Securities & Exchange Commission (CySEC) has revealed new details about its efforts to increase oversight of cryptocurrencies and related assets by integrating EU anti-money-laundering rules into Cyprus legislation.

The Baltic States are always being mentioned in the tax news world for their latest involvement (some more directly than others). With Svenska Handelsbanken AB, Sweden’s biggest lender of assets being no exception; the bank recently had its business in Latvia, Estonia and Lithuania investigated.